German unemployment hits highest since mid-2020, jobless rate unchanged

(Sharecast News) - The number of unemployed people in Germany increased slightly in February to its highest since the peak of the pandemic in 2020, though the jobless rate was unchanged, data on Friday showed. According to the Federal Employment Agency, the seasonally adjusted number of unemployed people increased by 5,000 last month to 2.989m, reaching the highest level since August 2020.

However, that was under the 11,000 increase registered in January and well below the 15,000 increase expected by economists.

Despite the increase in those out of work, the jobless rate remained steady at 6.2% for the second straight month, holding at its highest since October 2020.

Compared with last year, unemployment was 175,000 higher than in with February 2024, when the rate stood at 5.9%.